KeyBanc Reiterates Overweight Rating on Autodesk (ADSK)

KeyBanc analyst Jason Celino reiterated an Overweight rating and $305.00 price target on Autodesk (NASDAQ: ADSK).

The analyst commented, "We believe Autodesk has an emerging margin expansion story, catalyzed by recent investor activism. That said, we view the Company's margin expansion opportunities as a more gradual, multiyear endeavor, but one that could drive "adj. operating margins" from ~32% today to 40%+ over the MT-LT. In terms of catalysts to support our thesis, we would look for Autodesk to: 1) officially legitimize plans to "focus" on margin expansion opportunities; 2) appoint a CFO from a software company with a strong reputation; and 3) make progress/complete its billing transaction model transition. While macro remains uncertain, could further deteriorate, and may take some time to eventually recover when we do see interest rate cuts, we see a positive and compelling margin expansion-led narrative change. As we begin to contemplate positioning for 2025, we view ADSK as one of our favorite early 2025 ideas."

For an analyst ratings summary and ratings history on Autodesk click here. For more ratings news on Autodesk click here.

Shares of Autodesk closed at $239.57 yesterday.

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